Algorand and Archax partner for new wave of sophisticated financial products

USA - English

• India - English

BOSTON, Aug. 27, 2020 /PRNewswire/ -- Archax today announced that it has partnered with leading blockchain provider Algorand to work on new innovative smart financial products that will trade on its FCA regulated exchange.

Archax – which last week became the first firm to receive FCA authorisation as a digital securities exchange, VASP, brokerage and custodian – is looking to create a range of bespoke regulated financial products to sit alongside its pipeline of more regular digital security issuances, such as equity, fund and debt instruments.

Algorand, a platform dedicated to removing friction from financial markets, recently upgraded its suite of scalable smart contracts to power DeFi and DApp evolution by enabling the seamless creation and exchange of value. 

Graham Rodford, CEO of Archax, comments: "We are a blockchain agnostic marketplace, but keen to work with leading providers to deliver the next wave of ground-breaking regulated financial products. Algorand fits that bill perfectly, and we are now working with them on a number of challenger products – such as smart stablecoins and liquid alternative instruments, as well as those which will revolutionise the lending/borrowing/staking space."

"With their ability to leverage technology that is purpose-built for DeFi, we believe that Archax will be one of the leading digital asset venues in the world", said W. Sean Ford, COO of Algorand. "By bringing together Algorand's proven performance, along with Archax's unique regulated status and institutional experience, we are looking forward to delivering powerful products that will revolutionise the way global financial markets traditionally operate in a new, frictionless economy." 

Algorand is a next-generation blockchain that delivers industry-leading performance coupled with cost effectiveness. Unlike first-generation blockchains, the Algorand platform was designed from the ground up to power complex applications that require speed, scale, finality and security, while being cost-effective and precise.

"With Algorand we have another of the most forward-thinking blockchain providers around involved with our business", adds Rodford. "The DeFi space is nascent and growing incredibly fast, but there are a number of areas that need to be solved to make it institutionally friendly. It is testament to our progress and achievements that Algorand are now partnering with us to help do just that. The projects that we are undertaking together will help bridge the perceived gaps between the centralised and decentralised finance worlds."

About Algorand

Algorand Inc. built the world's first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models. 

www.algorand.com 

About Archax

Archax is a global, regulated, digital securities exchange, brokerage and custodian based in London. Founded by experts from the regulated financial markets world and backed by an accomplished advisory board, Archax offers a credible bridge between the new blockchain-centric crypto community and the traditional investment space.

Archax was the first ever firm to receive FCA regulation as a digital securities exchange, custodian and brokerage. It was also the first ever firm to be listed on the FCA's cryptoasset 5MLD register.

Archax has been designed specifically for institutional investors to trade in digital securities, and is built using existing, proven, resilient, scalable, high-performance exchange infrastructure, hosted in top-tier datacentre space, and integrated into existing institutional trading workflow.

www.archax.com 

Media Contacts:      

Archax 
Simon Barnby, CMO 
[email protected] 
+447730496354

Algorand
Margaret Huang, DittoPR
[email protected] 
415-867-1626

SOURCE Algorand Inc.

Related Links

https://www.algorand.com